Seemingly every day some major university or Wall Street bank econ shop warns that Trump would crash the American economy and stock market.
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- “Donald Trump’s first gift to the world will be another financial crisis.” Headline in the U.K. Independent. From the article: “He gives every impression that he will soon be hustling America — and possibly the entire world — in the direction of another catastrophic financial crisis.”
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- “It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover? We are very probably looking at a global recession, with no end in sight.” Paul Krugman of The New York Times, the day after the election.
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- “If Trump wins we should expect a big markdown in expected future earnings for a wide range of stocks — and a likely crash in the broader market.” Simon Johnson, former chief economist with the International Monetary Fund, November 2016.
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- “If [Trump] is elected, I would expect a protracted recession to begin within 18 months. The damage would be felt far beyond the United States.” Larry Summers, former chief economist to Bill Clinton and Barack Obama, June 2016.
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- “If the unlikely event happens and Trump wins you will see a market crash of historic proportions.” Steve Rattner, MSNBC economic guru, October 2016.
And finally, and most unambiguously:
There are plenty of valid reasons to prefer either of the presidential candidates, but the idea that Trump would precipitate economic collapse has now been empirically disproven.
Instead, we had prosperity, almost no inflation, and a booming stock market until the economy was derailed by lockdowns.
Still, there are no retractions that we could find from any of the above-mentioned supposed brainiacs.